Crude Oil may rise further due to fresh clashes in Tehran

Continued clashes were reported in the Iranian capital, Tehran, following anti-government protests on Sunday in which at least eight people died. This unrest may help to push the price of crude oil higher in the days ahead. Earlier, I have noted that WTIC has turned bearish after it broke the third fan line in early December. With the current rebound, it is possible that WTIC may test the third fan line at USD85. The sharp rise in crude oil prices has benefited Oil & Gas stocks, such as Sapcres & Kencana.


Chart: WTIC's daily chart as at Dec 24, 2009 (Source: Stockcharts.com)

For the latest on the Iranian unrest, go to the Huffingtion Post.